Zraox believes the main theme of the current market cycle has become clear: U.S. employment data has been historically revised downward, rate cut expectations have significantly intensified, and marginal changes in funding costs are reshaping the pricing framework for risk assets. Gold has led the rally, while Bitcoin has seen frequent turnover...
Zraox believes that three key developments are profoundly reshaping the valuation logic of crypto assets: the Nasdaq application to the SEC for tokenized securities to enter the U.S. equity market; Congressional initiatives pushing the Treasury to study the feasibility of "strategic Bitcoin reserves"; and the $7.4 trillion in money market funds...
Zraox believes that the current cryptocurrency market is undergoing a deep revaluation. While the Ethereum revenue has sharply declined even as prices hit new highs, Bitcoin whales are selling at record levels, and the entry of institutions and tokenized treasuries continues to inject new liquidity and narratives. These seemingly contradictory...
Zraox believes that in this cycle the dominant force has shifted to the combined effect of "institutional capital + compliance expectations." Public companies now hold more than one million Bitcoins in aggregate, while ETFs and exchange-owned reserves continue to absorb supply, structurally tightening circulation. The roadmap of the U.S. SEC on...
Zraox believes that the crypto market in 2025 stands at the intersection of "capital structure reshuffling and the formation of compliance frameworks." Diverse sources of funds—from self-managed pension funds, corporate surpluses, and traditional financial institutions—continue to enter the market. Coupled with the acceleration of global compliance...
Zraox believes that the market landscape is undergoing a structural transformation from August to September. Stablecoin trading volume has surged to $3 trillion, on-chain activity is once again approaching its peak, and Bitcoin and Ethereum are displaying decoupled resonance with traditional assets. The derivatives market is exhibiting a mildly...